A report by KPMG says Hyderabad has emerged as the prime destination for real estate investment, with $793 million. This is approximately $100 million more than Bangalore, the Silicon Valley of India. It is the only city across the country with a 32% increase in property sales in the last 5 years. Experts at Janaharsha Estates ‘N’ Constructions reveal the array of factors behind the growth of Hyderabad realty scenario.
IT professionals have converted a substantial number of job opportunities in Hyderabad as the city registered a 13% growth in its job market. Upcoming technologies like artificial intelligence, deep learning, machine learning, etc., have attracted companies to set up shop in Hyderabad. Add that to co-working spaces introduced 4 years ago and it’s a near-perfect environment for technological giants to expand their operations in the country.
“The trigger to the growth is the investor-friendly policies and infrastructure development initiatives of the Telangana government. Companies are keen to expand operations here and the local and national-level talent is also considering Hyderabad as a location to migrate to and reside in,” said P Ravinder Rao, President of Telangana Real Estate Developers Association (TREDA).
Telangana government has played a pivotal role in the infrastructure expansion of city outskirts. New development projects by multiple builders have been constructed to help the residents enjoy a calm environment away for the city noises. Consequently, hospitals, grocery stores, and other necessities have increased in number. This has directly resulted in the rise of living standards of suburban people. Furthermore, R Chalapathi Rao, executive vice-president, TREDA, said, “About 33 million sq ft in the commercial sector has been added in the last 4-5 years.”
Connectivity from suburbs to city has been enhanced with the help of road networks and the upcoming 12 lane 500′ Outer Ring Road’s Mega Junction. Intercity and intracity public transportation is accessible via TSRTC (Telangana State Road Transport Corporation) and Multi Modal Transport System (MMTS). Furthermore, Hyderabad metro has 3 lines: Nagole to Raidurg, Miyapur to LB Nagar, and Parade Ground to Falaknuma, which provide state-wide connectivity.
Hyderabad continues to be the ideal destination for people from across the country for its combined efforts of builders, government policies, IT companies, and favorable climate. It will be interesting to see if Bengaluru or Gujarat can dethrone the city in 2019.
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